Internet's first get-out-of-debt community - 129,000 members

denverjoe04

I have some major debts....I have some student loans..which arnt really a big deal because there more willing to help you work out a plan.....the problem Im having is with credit cards..with some major companies...wells fargo and citi bank.....what would happen if I just stopped paying them? Would they just send it to collections? Will two thugs show up at my door with bats? Will these big companies take you to court? The help is needed but Im most likly going to pay them back with a debt solutions company.

Posted: Wed Oct 18, 2006 12:24 pm Subject:

denver..go ahead and register here and a counselor will call you back to discuss some options.
It's not a good idea to just stop paying them, they will sue you eventually and possibly garnishee your wages for the money.
See if they'll help you work out a payment plan, or reduce your interest rate. Let them know you're having trouble paying them.
In any event, you don't want your credit completely ruined with judgements on it if they do take you to court. Those will stay on for 10 years, I believe...

Posted: Wed Oct 18, 2006 12:35 pm Subject:

May I say that you can still avoid the possible bad circumstances coming your way in the future? All companies go mad if they don't get their money back from people who borrowed in advance. They will start all the phone calls and hire outside collectors for recovering their money from people. Right now, everything may be under control and you can actually fix some arrangements with the creditors. If you are unable to do this negotiation on your own, a debt counselor will guide you in the professional way.